Any current/future new fundraising through debt or equity?

Marathon Nextgen Realty Limited has an enabling resolution to raise funds up to INR 500 crores. Fundraising may be done through Qualified Institutional Placement (QIP) or other possible options. The company is exploring all possibilities regarding the timing and amount of the fundraise. Expected use of funds includes: - Repaying some debt, - Acquiring new assets, - Funding new project acquisitions. Potential equity dilution from the fundraise could be around 15%, based on a market cap of INR 3,000 crores. There is no fixed timeline for the fundraising; the company aims to complete it as

Any current/future capex/capital investment/strategic investment?

Marathon Nextgen Realty Limited is focusing on launching new projects over the next four quarters, including: - Bhandup: ~1.5 lakh sq ft carpet area - Monte South: ~2 lakh sq ft carpet area (including commercial phase planned in next 3-4 quarters) - Nexzone Panvel: ~2.5 lakh sq ft carpet area The company is progressing construction rapidly at Monte South and Nexzone, with Tower A completed (65 floors OC) and Tower B at 45 floors under construction. An enabling resolution is in place to raise up to INR 500 crores through QIP or other routes, with proceeds planned for: - Repayment of d

Future growth expectations in sales/revenue/volumes?

Marathon Nextgen Realty Limited expects strong growth in the coming years with a target of at least 20% annual growth. Historically, the company has grown at 30-35%, and this robust growth trend is expected to continue. They anticipate booking value to grow at a CAGR of around 25-30% over the next three years. The company is focusing on disciplined and dynamic growth backed by high-quality projects in strategic locations. Launch pipeline includes around 5.8 lakh square feet of carpet area over the next four quarters across Bhandup, Monte South, and Nexzone projects. Pricing power remains stron

Future growth expectations in earnings/operating earnings/profits/EPS?

Marathon Nextgen Realty Limited expects strong growth to continue with annual growth rates of around 20% and historically achieving 30-35% growth. Booking value is projected to grow at a CAGR of about 25-30% over the next three years. The company aims to maintain robust revenue and profitability supported by premium projects like Monte South and growing demand in locations such as Panvel and Bhandup. Focus on delivering high-quality, timely projects and tapping into attractive micro-markets is expected to bolster earnings. The strategic mix of luxury, mid-segment, and affordable housing suppor

Current/ Expected Orderbook/ Pending Orders?

Total estimated revenue from unsold inventory stands at INR 1,566 crores as of Q1 FY25. Net surplus cash flow from ongoing projects is INR 1,457 crores. Pre-sales booking value from Monte South in Q1 FY25 is approximately INR 121 crores. Launch pipeline in the next four quarters includes around 5.8 lakh square feet of carpet area, expected to generate roughly INR 1,300 crores in booking value. Commercial projects like Marathon Futurex and Millennium have significant unsold inventory, with ongoing monetization strategies. Future commercial launches planned, notably in Monte South, expected to o

Marathon Nextgen Realty LtdQ2 FY25

Marathon Nextgen Realty Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹369P/E: 12.8Market Cap: ₹2.6K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Marathon Nextgen Realty Limited expects strong growth in the coming years with a target of at least 20% annual growth.
→Historically, the company has grown at 30-35%, and this robust growth trend is expected to continue.
→They anticipate booking value to grow at a CAGR of around 25-30% over the next three years.
→The company is focusing on disciplined and dynamic growth backed by high-quality projects in strategic locations.
→Launch pipeline includes around 5.8 lakh square feet of carpet area over the next four quarters across Bhandup, Monte South, and Nexzone projects.
→Pricing power remains strong, with expected price hikes at about 5% year-on-year without hampering sales.
→Market demand across key areas like Panvel, Bhandup, and Mulund is strong, supporting volume growth.

Margin guidance

Category 3

→Marathon Nextgen Realty Limited expects strong growth to continue with annual growth rates of around 20% and historically achieving 30-35% growth.
→Booking value is projected to grow at a CAGR of about 25-30% over the next three years.
→The company aims to maintain robust revenue and profitability supported by premium projects like Monte South and growing demand in locations such as Panvel and Bhandup.
→Focus on delivering high-quality, timely projects and tapping into attractive micro-markets is expected to bolster earnings.
→The strategic mix of luxury, mid-segment, and affordable housing supports resilient sales even during downturns, aiding profit stability and growth.
→Efforts to raise funds (INR 500 crores QIP) and reduce net debt should further strengthen financials and profitability.
→Price hikes of around 5% year-on-year are expected without hampering sales volume, contributing to margin improvement.

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Fundraise plans

Yes

→Marathon Nextgen Realty Limited has an enabling resolution to raise funds up to INR 500 crores.
→Fundraising may be done through Qualified Institutional Placement (QIP) or other possible options.
→The company is exploring all possibilities regarding the timing and amount of the fundraise.
→Expected use of funds includes:
→ - Repaying some debt,
→ - Acquiring new assets,
→ - Funding new project acquisitions.
→Potential equity dilution from the fundraise could be around 15%, based on a market cap of INR 3,000 crores.
→There is no fixed timeline for the fundraising; the company aims to complete it as soon as possible.
→The fundraise will be followed by a merger process involving assets from unlisted entities into the listed company.

Order book

→Total estimated revenue from unsold inventory stands at INR 1,566 crores as of Q1 FY25.
→Net surplus cash flow from ongoing projects is INR 1,457 crores.
→Pre-sales booking value from Monte South in Q1 FY25 is approximately INR 121 crores.
→Launch pipeline in the next four quarters includes around 5.8 lakh square feet of carpet area, expected to generate roughly INR 1,300 crores in booking value.
→Commercial projects like Marathon Futurex and Millennium have significant unsold inventory, with ongoing monetization strategies.
→Future commercial launches planned, notably in Monte South, expected to offer about 7 lakh square feet of carpet area in the next 3-4 quarters.
→Projects being developed at a rapid pace with recent OCs obtained, enhancing saleability and bookings.

Capex plans

Yes

→Marathon Nextgen Realty Limited is focusing on launching new projects over the next four quarters, including:
→ - Bhandup: ~1.5 lakh sq ft carpet area
→ - Monte South: ~2 lakh sq ft carpet area (including commercial phase planned in next 3-4 quarters)
→ - Nexzone Panvel: ~2.5 lakh sq ft carpet area
→The company is progressing construction rapidly at Monte South and Nexzone, with Tower A completed (65 floors OC) and Tower B at 45 floors under construction.
→An enabling resolution is in place to raise up to INR 500 crores through QIP or other routes, with proceeds planned for:
→ - Repayment of debt
→ - Acquisition of new assets and projects (including future SRA projects)
→ - Fundraising expected to lead to approx. 15% equity dilution, subject to timing/amount.
→Merger of some private company assets/projects into the listed entity is in process to streamline operations.
→Continued focus on profitable, luxury, and mid-segment real estate projects with strategic location advantages (like proximity to airport and infrastructure).

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